Kalou is in the final year of his contract at Stamford Bridge and looks to be facing an increasingly uncertain future at Stamford Bridge.
The Ivorian started the season in boss Andre Villas-Boas's first-team plans but he has found himself pushed down the Blues striker pecking order by the form of the likes of Daniel Sturridge in the last few games.
The 26-year-old did not help his case for a new deal by conceding a late penalty for handball after coming on as a second-half substitute in Chelsea's last Champions League game against Valencia and appears increasingly likely to leave in January, with Arsenal and Liverpool said to be leading the race to sign him.
Arsenal boss Arsene Wenger is a long-term admirer having lost out to Chelsea in the battle to sign him from Feyenoord in 2006 and reports suggest he is prepared to open the bidding with a £6 million offer.
But Liverpool manager Kenny Dalglish is also said to be monitoring the situation closely as he continues to assess ways of improving his attacking options at Anfield.